00:00The UAE's decision to leave OPEC and OPEC Plus was not targeted at anyone.
00:06Sultan Al-Jaber, who is CEO of state-owned Abu Dhabi National Oil Company,
00:11says the move is aimed at prioritizing the UAE economy and national interests.
00:17Al-Jaber said the exit gives the UAE more flexibility to invest and expand production
00:23while remaining a reliable player in global energy markets.
00:27The decision, which took effect on Friday, follows months of tension with Saudi Arabia
00:33over oil output, foreign policy and the Middle East war, which has strained Gulf economies.
00:38Saudi Arabia is the world's top oil exporter and de facto leader of OPEC,
00:43while the UAE is OPEC's fourth largest producer.
00:46While the UAE is not the first country to leave OPEC, it is by far the biggest producer to do
00:52so,
00:52and its exit will deal a blow to the group's ability to control prices.
00:57The UAE has long been frustrated with OPEC quotas that capped its output to around 3.4 million barrels a
01:05day.
01:06It is now aiming to raise production capacity to 5 million barrels a day by 2027.
01:11The UAE has long been
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